USD/CNH dips to 7.3100 on PBOC interference, US NFP watched

 

The USDCNH is under pressure at its intraday low and has fallen for two days in a row. PBOC reports the largest weekly cash outflow in nine months. Bears cannot link amid pre-NFP consolidation despite an increase in China’s Covid counts and a higher DXY.

In response to rumors that the People’s Bank of China (PBOC) had interfered with the market early on Friday, USDCNH accepted offers to retest the intraday low at 7.3130. The offshore Chinese Yuan (CNH) pair applauds the US dollar’s decline in response to the cautious atmosphere ahead of the critical US employment data.

According to the most recent Reuters calculations, the largest weekly cash outflow in over nine months was a net of 737 billion Yuan for the week via open market operations.

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